The South Carolina Bar asked Dr. Joseph C. Von Nessen of the Darla Moore School of Business at the University of South Carolina just that question. Dr. Von Nessen's report, entitled "The Economic Impact of the Legal Profession on South Carolina", was recently presented at the SC BAR Annual Convention in Myrtle Beach.
Excerpts of the report have been posted below:
- There are 9,941attorneys practicing in the State of South Carolina, this total considers all active and non-retired members, including judges & law clerks;
- The combination of the direct, indirect, and induced impacts leads to a total impact of nearly $2.7 billion on the state of South Carolina that is associated with the legal profession;
- Every $100 spent by the legal profession leads to an additional $60 in total economic activity;
- The state of South Carolina was then broken down into regions to further quantify the economical impact;
- The Midlands, Upstate, and Charleston regions were the top three major metropolitan impact regions;
- The Upstate Region was made up of Abbeville, Anderson, Cherokee, Greenville, Greenwood, Laurens, McCormick, Oconee, Pickens, Spartanburg, & Union;
- As the second largest economical impact region, the Upstate Region has a total impact of $487 million in economic output, $217 million in labor income, and 4,161 jobs.
You can now take back all those nasty things you've said about lawyers. Next time you see an attorney, thank them for having such an immense economical impact on the growth and well being of this great state of South Carolina.
UPDATED with RELATED NEWS ARTICLE:
- The Greenville News picked up the story entitling it: "Legal Firms Have $2.7B Economic Impact in State, Study Finds"